Debt and Borrowing Arrangements |
3 Months Ended |
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Apr. 02, 2021 | |
| Debt and Borrowing Arrangements Disclosure [Abstract] | |
| Debt Disclosure [Text Block] | DEBT AND BORROWING ARRANGEMENTS During the three months ended April 2, 2021, the Company issued U.S. dollar- and euro-denominated debt of $2,500 million and €2,000 million, respectively. The carrying value of this debt as of April 2, 2021 was $4,775 million. The general terms of the notes issued are as follows:
•$750 million total principal amount of notes due March 5, 2028, at a fixed interest rate of 1.500 percent;
•€700 million total principal amount of notes due March 9, 2029, at a fixed interest rate of 0.125 percent;
•$750 million total principal amount of notes due March 5, 2031, at a fixed interest rate of 2.000 percent;
•€650 million total principal amount of notes due March 9, 2033, at a fixed interest rate of 0.500 percent;
•€650 million total principal amount of notes due March 9, 2041, at a fixed interest rate of 1.000 percent; and
•$1,000 million total principal amount of notes due March 5, 2051, at a fixed interest rate of 3.000 percent.
During the three months ended April 2, 2021, the Company retired upon maturity €371 million total principal amount of notes due March 8, 2021, at a variable interest rate equal to the three-month Euro Interbank Offered Rate (“EURIBOR”) plus 0.200 percent.
During the three months ended April 2, 2021, the Company extinguished prior to maturity U.S. dollar- and euro-denominated debt of $751 million and €633 million, respectively, resulting in associated charges of $58 million recorded in the line item interest expense in our condensed consolidated statement of income. These charges included the difference between the reacquisition price and the net carrying value of the debt extinguished, including the impact of the related fair value hedging relationships. The general terms of the notes that were extinguished are as follows:
•€633 million total principal amount of notes due March 9, 2023, at a fixed interest rate of 0.750 percent;
•$358 million total principal amount of notes due April 1, 2023, at a fixed interest rate of 2.500 percent; and
•$393 million total principal amount of notes due November 1, 2023, at a fixed interest rate of 3.200 percent.
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